Rowland Hill Shopping Centre
Vicar Street
Kidderminster
Worcestershire
DY10 1DE

Shopping Centre Investment

  • Comprises 21 retail units
  • Approximately 3,835.77 sq m (41,289 sq ft)
  • Tenants include Santander, Claire’s Accessories, TUI, Bonmarché, BrightHouse and Warren James
  • Prominent town centre location
  • Active management potential
  • Neighbouring occupiers include Pandora, Peacocks, Superdrug, WH Smith and NatWest, Lloyds, Barclays and Halifax Banks
  • Lot
    23
  • Auction
    18/Oct/2018
  • Rent
    £337,000 per Annum Exclusive
  • Status
    Available
  • Price*
    Contact Us
  • Sector
    Shopping Centre
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of a Major Fund
Important Property Update
  • Rowland Hill Shopping Centre<br>Vicar Street<br>Kidderminster<br>Worcestershire<br>DY10 1DE
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Property Information

Location
Miles
16 miles south-west of Birmingham, 15 miles south of Wolverhampton
Roads
A442, A451, A456, A448
Rail
Kidderminster
Air
Birmingham Airport
Situation

The property is prominently located in the heart of the town centre, between the prime pedestrianised Vicar Street and Worcester Street. The property benefits from close proximity to both Weavers Wharf Shopping Centre and The Swan Shopping Centre. Neighbouring occupiers include Pandora, Peacocks, Superdrug, WH Smith and NatWest, Lloyds, Barclays and Halifax Banks.

Tenure

Long Leasehold. Held from Wyre Forest District Council for a term of 125 years from 9th June 1979 at a rent reserved of £24,000 per annum exclusive geared to 8% of the estimated rental value. The rent was last reviewed in June 2018 and is reviewed upwards or downwards every 5 years.

Description

The property comprises a substantial indoor shopping centre with some 21 retail units, equating to approximately 3,835.77 sq m (41,289 sq ft) of retail accommodation. The property benefits form having four retail units fronting the prime pedestrianised Vicar Street.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/
(Reversion)
1GroundRetail
26.98 sq m(290 sq ft)PHOTOGRAPHIC
RETAIL 2008 LTD
t/a Max Spielmann
10 years from
09/08/2012
£11,000(08/08/2022)
2Ground
First
Retail
Ancillary
166.2 sq m
131.99 sq m
(1,789 sq ft)
(1,421 sq ft)
SANTANDER UK
PLC (1)
8 years from
10/08/2012
£47,500(25/12/2020)
3Ground
First
Retail
Ancillary
105.1 sq m
54.5 sq m
(1,131 sq ft)
(587 sq ft)
SALLY SALON
SERVICES LTD (2)
10 years from
11/04/2012
£29,500(10/04/2022)
4 and part 5 Ground
First
Retail
Ancillary
131.3 sq m
135.6 sq m
(1,413 sq ft)
(1,460 sq ft)
INDIVIDUALS
t/a AJ’s Cardstop
5 years from
01/02/2017 (3)
£22,000(31/01/2022)
5Ground
Retail
62.9 sq m(677 sq ft)VACANT
POSSESSION
   
6AGround
Retail
81.45 sq m(877 sq ft)CLAIRE’S
ACCESSORIES UK
LTD
2 years from
11/10/2016
(12)
Nil(10/10/2018)
7Ground
First
Retail
Ancillary
80.47 sq m
79.3 sq m
(866 sq ft)
(854 sq ft)
TUI UK RETAIL
LIMITED (4)
5 years from
02/08/2017 (5)
£12,000(01/08/2022)
8Ground
First
Retail
Ancillary
72.5 sq m
37 sq m
(780 sq ft)
(398 sq ft)
VACANT
POSSESSION
   
9Ground
First
Retail
Ancillary
89 sq m
46.2 sq m
(958 sq ft)
(497 sq ft)
VACANT
POSSESSION
   
10Ground
First
Retail
Ancillary
91.1 sq m
44.1 sq m
(981 sq ft)
(475 sq ft)
VACANT
POSSESSION
 Nil(31/05/2018)
11Ground
First
Retail
Ancillary
98.8 sq m
38.1 sq m
(1,064 sq ft)
(410 sq ft)
ROMAN
ORIGINALS PLC
(6)
2 years from
05/02/2018 (7)
£15,000(04/02/2020)
12 and 18A Ground
First
Retail
Ancillary
217.3 sq m
87.9 sq m
(2,339 sq ft)
(946 sq ft)
BONMARCHE LTD
(8)
5 years from
24/06/2015
£35,000(23/06/2020)
13BGround
Retail
21.9 sq m(236 sq ft)PREMIER SHOE
REPAIRS LTD
15 years from
17/05/2013
£12,50017/05/2018
and 2023
(16/05/2028)
14Ground
First
Retail
Ancillary
228.3 sq m
100.3 sq m
(2,457 sq ft)
(1,080 sq ft)
VACANT
POSSESSION
   
15/16Ground
First
Retail
Ancillary
268.09 sq m
198.1 sq m
(2,886 sq ft)
(2,132 sq ft)
CAVERSHAM
TRADING LTD
t/a BrightHouse
10 years from
30/09/2008
(13)
£45,00029/09/2018
17Ground
First
Retail
Ancillary
249 sq m
251.2 sq m
(2,680 sq ft)
(2,704 sq ft)
GR AND MM
BLACKLEDGE PLC
t/a Bodycare
1 year from
25/06/2018 (9)
£5,000(24/06/2019)
18B and Coffee Shop Ground
First
Retail
Ancillary
191.34 sq m
16.9 sq m
(2,060 sq ft)
(182 sq ft)
CAFE PACIFICO
KIDDERMINSTER
LTD
10 years from
01/02/2013
£20,000(31/08/2023)
A (4 Vicar St) Ground
Retail
82.4 sq m(887 sq ft)VACANT
POSSESSION
   
B (5 Vicar St) Ground
Retail
139 sq m(1,496 sq ft)INDIVIDUALS
t/a Chapman & M
10 years from
07/03/2013
£50,000(07/03/2023)
C (6 Vicar St) Ground
First
Retail
Ancillary
87 sq m
21 sq m
(936 sq ft)
(226 sq ft)
WARREN JAMES
(JEWELLERS) LTD
(10)
10 years from
04/09/2017
(11)
£32,50005/09/2022
(03/09/2027)
D (7 Vicar St) Ground
Retail
103.45 sq m(1,114 sq ft)VACANT
POSSESSION
   
Total
  
3,835.77 sq m
(41,289 sq ft)
  £337,000 

(1) For the year ending 31st December 2017, Santander UK Ltd reported a turnover of £1,222,000,000, pre-tax profits of £1,817,000,000 and a total net worth of £14,311,000,000 (Source: Experian Group 07/09/2018).
(2) For the year ending 30th September 2017, Sally Salon Services Limited reported a turnover of £151,160,000, pre-tax profits of £4,790,000 and a total net worth of £41,906,000 (Source: Experian Group 07/09/2018).
(3) As to units 4 and part 5, the lease provides for an annual mutual option to determine.
(4) For the year ending 30th September 2017, TUI UK Retail Limited reported a turnover of £201,000,000, pre-tax profits of £1,000,000 and a total net worth of £191,000,000 (Source: Experian Group 07/09/2018).
(5) As to unit 7, the lease provides for a tenant option to determine the lease on 02/08/2020.
(6) For the year ending 30th December 2017, Roman Originals Plc reported a turnover of £65,611,527, pre-tax profits of £3,866,952 and a total net worth of £13,094,670 (Source: Experian Group 07/09/2018).
(7) As to unit 11, the lease provides for a mutual option to determine on 04/02/2019.
(8) For the year ending 1st April 2017, Bonmarché Limited reported a turnover of £190,068,000, pre-tax profits of £5,719,000 and a total net worth of £30,077,000 (Source: Experian Group 07/09/2018).
(9) As to unit 17, the lease provides for a mutual rolling option to determine on 3 months’ notice.
(10) For the year ending 31st March 2017, Warren James (Jewellers) Limited reported a turnover of £117,201,000, pre-tax profits of £42,689,000 and a total net worth of £93,036,000 (Source: Experian Group 07/09/2018).
(11) As to unit C, the lease provides for a tenant option to determine the lease on 04/09/2022.
(12) As to unit 6a, the tenant has offered to renew the lease for a term of 2 years from 11th October 2018 at a nil rent with the tenant to pay the business rates.The lease is proposed to be outside the security of tenure provisions of the Landlord and Tenant Act 1954.
(13) As to unit 15/16, the tenant has served a section 26 notice and is in discussions with the seller for a new tenancy.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    18.10.18
    File Size
    238 MB
    Login to View
  • Catalogue Page
    Updated Date
    26.09.18
    File Size
    967 KB
    View PDF
  • Site Plan
    Updated Date
    26.09.18
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060519john.mehtab@acuitus.co.uk
Billy StruthBilly Struth +44(0)20 7034 4854billy.struth@acuitus.co.uk
Seller's Solicitors
Mishcon de Reya Africa House, 70 Kingway
London
WC2B 6AH
0203 321 7932
Lizzie Hill 020 3321 7932lizzie.hill@mishcon.com

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